Prices are edging higher as expected after putting in a Bullish Engulfing candlestick pattern above support in the support in the 0.9735-52 area. Initial resistance remains at 0.9872, with a break above that targeting 0.9971. Alternatively, a reversal back through support exposes a rising trend line set from early May (now at 0.9708) and the 0.9616-50 region.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org